TL;DR
- Solana’s native token SOL had a remarkable 2023, surging over 1,000% and exceeding $100.
- Analysts on Twitter, like Ali and JAKE, foresee potential SOL gains within the following months.
- Trader Alex Krüger suggests the possibility of a Solana ETF in the US next year, which could attract more capital into the ecosystem.
Is SOL Ready for a Further Rally?
SOL performed exceptionally last year, skyrocketing by over 1,000% and surpassing the $100 mark. Numerous experts believe the upswing will continue in the following months.
One of those is the X (Twitter) user Ali, who suggested Solana “is showing signs of forming a bull flag.” The analyst thinks that a “decisive close” above the $110 resistance level could be a catalyst for a rally toward $163.
The popular content creator and investor using the X handle JAKE praised Solana’s “robust” ecosystem, claiming it is better than Ethereum in terms of speed and costs. He claimed that these advantages, alongside the essential partnerships that Solana has inked in the past several months, would push SOL toward an unseen peak within one year:
“I do expect to see over a $750 price per Solana token in 2025. Obviously, there are a lot of factors contributing to this, but as more and more people move away from the Ethereum blockchain and onto other blockchains like Solana, I do expect to see Solana to be the top competitor of Ethereum in the next bull run.”
As CryptoPotato recently reported, Solana briefly surpassed its rival on multiple fronts, including Google searches. However, Ethereum restored its lead at the start of 2024.
Alex Krüger – trader and analyst – did not lay out a precise SOL price forecast but envisioned that a Solana ETF would pop up in the US next year. He suggested that this would happen as a result of the Republicans (specifically Donald Trump) winning America’s presidential elections in 2024, followed by the possible resignation of Gary Gensler as a Chairman of the Securities and Exchange Commission (SEC).
A Solana ETF will remove some of the barriers associated with investing in crypto, such as self-custody, enabling more people (hence capital) to flow into the ecosystem.
Recall that the US SEC recently approved a wave of spot Bitcoin ETF applications from finance giants, including BlackRock, Fidelity, Franklin Templeton, WisdomTree, and more.
While still on the SOL topic, you can check out our latest video dedicated to the best Solana wallets you can use this year:
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